Ashton Thomas Private Wealth LLC Has $2.59 Million Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Ashton Thomas Private Wealth LLC lifted its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 40.3% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 22,606 shares of the financial services provider’s stock after buying an additional 6,494 shares during the quarter. Ashton Thomas Private Wealth LLC’s holdings in Pinnacle Financial Partners were worth $2,586,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PNFP. US Bancorp DE raised its holdings in shares of Pinnacle Financial Partners by 14.9% in the 3rd quarter. US Bancorp DE now owns 8,100 shares of the financial services provider’s stock worth $794,000 after buying an additional 1,049 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Pinnacle Financial Partners by 27.0% in the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after buying an additional 208,938 shares in the last quarter. Equitable Trust Co. raised its holdings in shares of Pinnacle Financial Partners by 3.7% in the 3rd quarter. Equitable Trust Co. now owns 11,798 shares of the financial services provider’s stock worth $1,156,000 after buying an additional 417 shares in the last quarter. CWA Asset Management Group LLC acquired a new position in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $203,000. Finally, Assetmark Inc. raised its holdings in shares of Pinnacle Financial Partners by 11.9% in the 3rd quarter. Assetmark Inc. now owns 1,653 shares of the financial services provider’s stock worth $162,000 after buying an additional 176 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PNFP. UBS Group began coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target on the stock. Stephens restated an “overweight” rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Finally, Citigroup increased their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $125.18.

Insider Transactions at Pinnacle Financial Partners

In other news, Director David B. Ingram sold 3,610 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $126.07, for a total value of $455,112.70. Following the transaction, the director now directly owns 139,489 shares in the company, valued at $17,585,378.23. This trade represents a 2.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $113.81, for a total value of $4,552,400.00. Following the completion of the transaction, the chairman now owns 83,000 shares in the company, valued at $9,446,230. This represents a 32.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 96,970 shares of company stock worth $11,749,561 in the last three months. Insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.5 %

Shares of PNFP opened at $106.62 on Friday. The firm has a market capitalization of $8.25 billion, a price-to-earnings ratio of 17.83 and a beta of 1.09. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The business’s fifty day moving average price is $117.88 and its two-hundred day moving average price is $111.35. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. The firm had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same period last year, the company earned $1.68 EPS. On average, analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were given a $0.24 dividend. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 0.90%. The ex-dividend date of this dividend was Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 16.05%.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.